BofA (8)

Orlando Florida Short Sale Specialist Bryant Tutas and Tutas Towne Realty, Inc   just had another successful Orlando Florida Short Sale closing with Citi Mortgage and Bank of America.

The property:

Investment Condo near Universal Studios Orlando. 4 bedroom 3 bath condo located at The Townhouses of Rosemont Green in Orlando Florida. This Orlando Florida Short Sale has 1634 sq ft of living area and was built in 1979. It was purchased in August 2003 for $114,000. It Sold 10/3/2014 for $69,000! That's a decrease in value of 40% in 11 years

Liens:

  • 1st Mortgage with Citi Mortgage for $103,000
  • 2nd Mortgage with Bank of America for $30,500

Hardship:

  • Loss of income

Summary:

The property was placed on the market on July 15, 2014. We placed it under contract on July 18, 2014.

The short sale was submitted to both lenders and was approved in less than 60 days. There were zero issues with either lender.

The transaction closed on 3 October 2014 for $69,000. Total days from listing to closing..... 77!

Citi Mortgage accepted $58,000 or roughly .33 cents on the dollar for the 1st mortgage. 

Bank of America accepted $3,000 or .10 cents on the dollar for the 2nd mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY  from both lenders on this Orlando Florida Short Sale..

Do you need help with your Orlando Florida Short Sale?

Seller Testimonials for Bryant Tutas 

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Can we add you to our list of successful Short Sales?

 

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Hi folks,
If you need to do an Orlando Fl Short Sale then here is some info that should help. Feel free to contact me when you are ready to hire an Orlando Florida Short Sale Specialist.

I hope this helps:

**********FORMS REQUIRED FOR BANK OF AMERICA SHORT SALE

 Also, here are details on my recent Florida Short Sale closings.

And be sure to check out my short sale sites at:
I'd welcome the opportunity to assist you with your short sale.

By the way if this is your primary residence we may be able to get you $3,000 in relocation money to help with moving expenses.
 
Please don't hesitate to contact me with any questions or concerns. I'll look forward to speaking with you.
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Most times when agents or homeowners know I have a listing down the street...they can safely say "This chic is about to destroy the values in my neighborhood"...OK, mostly true because of my Short Sales, really...I am just bringing the neighborhood down to it's true Market Value, none the less, I have been called The Grimm Reaper....

 

But what bites my behind is when I go to bat to get a Short Sale approved, show comps and get a bank to lower their BPO/Appraisal pricing to what clearly is a fabulous deal and then....wait for it...I hear....CRICKETS from the Buyer's side...the buyer agent frantically trying to pin down their buyer, wondering if that buyer has possibly gone on a crusie to a third world country and cannot be reached to take The Deal of The Century....

 

BofA countered at $216K, and since I felt that it was still too high, and the buyer's offer was still lower...  we were able to "Convince" the bank to "come to the light" and see the true value is at $200K....which the buyer wanted...then...and stil NOTHIN', good news here is at  10am this puppy goes back onto the market as an Approved Short Sale, but we all know what happens...I WILL NEED TO RE-ENTER ALL THIS INFO AGAIN ONCE WE HAVE ANOTHER OFFER & BUYER...

 

Dear Buyer, If you don't surface by 10am, Good Luck, Hope I dont eventually come to  neighborhood where you end up buying...because I know you have heard of That Chic That Does Short Sales.... .

    

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When I first heard about the Bank of America Cooperative Short Sale Program, I thought it might be more blah blah and less ah ha!

I was initially skeptical, A) because banks are famous for coming out with “new programs” that don’t end up getting squat done! And B) because I was told that with this program, the bank does the appraisal BEFORE an offer is received for the property.

Issue “B” was what I was more concerned with. I thought that with an appraisal being done before an offer is received, that there were great odds of the bank determining a value for the property much higher than we could actually get an offer for.

I thought of a way around this tho! We processed the file through their co-op program, and the seller received a check for $2,500!! So how did we get around the value issues with the lender? Give me a call and I’ll be happy to share with you how we get this accomplished now without having to worry about a high value when dealing with Bank of America co-op short sales. Now I’ve closed several through the Bank of America Cooperative Program, and my clients are getting checks! If you would like to see if you can qualify for the Bank of America Cooperative Program and receive a check for doing a short sale, contact me right away!

A quick side note about the BofA Cooperative Program: The process of going through the Bank of America Cooperative Short Sale program can take a little longer than a traditional short sale with BofA. This is because they outsource a lot of the processing. Of course this may be a benefit to you, depending on your situation. I have also found another benefit to this tho. Hit me up :)

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Folks, as we all know, there are many things that are wrong in the Short Sale world. And in my opinion there is one thing that is very right. The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.

 

  • Low to no documentation from the Seller.

  • Pre-approved pricing with aggressive price reductions.

  • $2,500 cash to the Seller at closing.

  • Full Waiver of Deficiency.

  • 6% Commission..

  • Can be an investment property.


It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have about a dozen on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.


It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.

 

  1. List the property at the approved price.

  2. Sell it.

  3. Upload the contract and HUD into the Equator system.

  4. Received the final approval. Usually within 15-30 days

  5. Close the transaction.


Easy peasy.


From Bank of America


Important information on a Bank of America Cooperative Short Sale


■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.

■ You are responsible for all maintenance and expenses on the property until it is sold.

■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.

■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.

■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.

■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.

■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.

■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.


Benefits of a successful Bank of America cooperative short sale


■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.

■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.

■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.

 

So folks, if you have a mortgage with Bank of America and need to do a Florida Short Sale,  I can help. I’ll be waiting to hear from you. Any questions?

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Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.

This email was sent out to agents late yesterday. This morning I called one of my potential sellers who was sitting on the fence about whether or not to do a short sale. She called Bank of America and they qualified her over the phone for $11,875!!

So.....if you are in Florida, need to do a Short Sale and have a mortgage with Bank of America give me a call today. This offer is for a limited time so don't hesitate. Bank of America is offering to help so take them up on their offer. Any questions?

BofA Enhanced Short Sale

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved


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Bank of America Closed My File Over An "E"!!

Yesterday I heard the words that make a short sale agent cringe, "Sorry but we have to close the file". This after working on a short sale for over a year. 5 buyers. $33,000 condo. That's right $33,000. If I ever get this closed I'll make a whooping $1,072!!!

OK back to the story. This is a Bank of America HAFA short sale that was submitted through Equator for the 5th time back in April. Last week I escalated to @BofA_help on Twitter and got immediate assistance. The file was put on a fast track. Friday I received a call from the negotiator letting me know the short sale was approved and that I would have the written approval on Monday. YIPPEE!!. I sent the Buyers agent an email to give them a heads up and they took the buyer in on Sunday to do the final walk through in anticipation of receiving the approval and closing this week.

First thing Monday morning I received a call from the negotiator "Good morning Mr Tutas. I just noticed that the buyer's first name in Equator is Eriz, yet on the contract and HUD it reads Erez. Since the name doesn't match I'm sorry but we have to close the file."

"Holy crap Batman!!! Uhhhh.....can't we just edit the name in equator and move towards closing? Can we have the buyer sign a name affidavit? Can I jump through the phone and kick........Oh never mind."

"Sorry Mr Tutas but the only way forward is to close the file and resubmit the short sale."

 

My short sale file was shut down over an "E"!!!!

I guess this is one of those times where I truly wish the buyer's name was Linda Green!! Go figure.

Click the image below to check out an awesome power point presentation on Robo Signing.

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